FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2025年6月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 858,986,178 | RMB | | | 1 RMB | | 858,986,178 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 858,986,178 | RMB | | | 1 RMB | | 858,986,178 | | 2. 股份分 ...

Group 1 - The gold stock sector is experiencing significant gains, with notable increases in stocks such as Western Gold, Mankalon, and others, indicating strong market interest in gold-related investments [1] - The Huafu Yongxin Flexible Allocation Mixed Fund has heavily invested in gold-related companies, achieving a year-to-date increase of 25.23% as of May 30, 2025, reflecting the positive impact of rising gold prices on these stocks [1] - International gold prices have surged, with spot gold breaking through $3,380 per ounce and COMEX gold futures rising by 2.74% to $3,406.4 per ounce, indicating a bullish trend in the gold market [1] Group 2 - Short-term market sentiment is supported by potential risks from U.S. "reciprocal tariffs," leading to a rise in gold prices, while long-term uncertainties in global tariff policies and regional politics continue to bolster gold's appeal as a safe-haven asset [2] - The Huafu Yongxin Flexible Allocation Mixed Fund focuses on diversifying investments in A-share gold-related companies, allowing for exposure to the benefits of rising gold prices while mitigating risks associated with holding individual gold stocks [2]

Group 1 - The A-share precious metals sector showed strength at the beginning of trading, with notable increases in stocks such as Xiaocheng Technology rising over 4% and Chifeng Gold and Shandong Gold both rising over 3% [1] - Other companies in the sector, including Hunan Silver and Western Gold, also experienced gains [1] - The rise in the precious metals sector is attributed to the increase in spot gold prices, which briefly surpassed $3,370 per ounce [1]

Group 1 - Financial markets experienced a rebound in May due to easing global trade tensions, with major stock indices in the US and Europe showing significant increases [1] - Gold prices have been volatile, dropping over 5% from April's historical highs, while several Wall Street investment banks remain bullish on future gold prices [1] - Goldman Sachs predicts that international gold prices could reach $3,700 per ounce by the end of this year, while JPMorgan anticipates prices may exceed $4,000 per ounce by Q2 2026 [1][2] Group 2 - Bank of America forecasts gold prices to reach $4,000 per ounce by the end of this year or early 2026, driven by geopolitical uncertainties and concerns over the US government's fiscal situation [2] - Goldman Sachs emphasizes that gold is a safer hedge compared to Bitcoin, especially in the context of market downturns, due to its lower volatility and historical performance [2] - The following Hong Kong-listed companies are related to gold and precious metals: Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and others [3]

Group 1 - Hong Kong gold stocks experienced a collective rise, with Tongguan Gold (00340.HK) surging over 10% at one point [1] - Chifeng Gold (06693.HK) and Shandong Gold (01787.HK) both increased by 2.5% [1]

Group 1 - Shandong Gold (600547) closed at 30.0 yuan on May 30, 2025, down 2.66% from last week's 30.82 yuan [1] - The highest price during the week was 31.29 yuan on May 26, and the lowest was 29.24 yuan on May 29 [1] - The current total market capitalization of Shandong Gold is 134.203 billion yuan, ranking 1st in the precious metals sector and 95th among 5146 A-shares [1] Group 2 - Shandong Gold's subsidiary, Shanjin International, adjusted the guarantee limit between its subsidiaries, transferring a guarantee limit of 200 million yuan from Osino Gold Exploration and Mining (Pty) Ltd. to Osino Mining Investments Limited, increasing the latter's available guarantee limit to 300 million yuan [1] - Additionally, Shanjin International provided a new guarantee of 21.5628 million yuan to Sino Gold Tenya (HK) Limited, with a joint liability guarantee valid for two years from the contract signing date [1] - As of the announcement, the total guarantee amount for Shanjin International's subsidiaries is 455.4 million yuan, accounting for 35.08% of its most recent audited net assets, with no overdue guarantees reported [1]

Group 1 - The precious metals sector in the Hong Kong stock market has experienced a decline, with Lingbao Gold (03330.HK) dropping over 5% [1] - Chifeng Jilong Gold Mining (06693.HK) saw a decrease of more than 4% [1] - Shandong Gold Mining (01787.HK) fell by over 3% [1]

Summary of Shandong Gold's Conference Call Company Overview - **Company**: Shandong Gold Mining Co., Ltd. - **Industry**: Gold Mining Key Financial Performance - **2024 Revenue**: CNY 82.518 billion, up 39.21% YoY [2][3] - **2024 Total Profit**: CNY 5.682 billion, up 59.47% YoY [2][3] - **2024 Net Profit**: CNY 2.952 billion, up 26.8% YoY [2][3] - **Q1 2025 Revenue**: CNY 25.935 billion, up 36% YoY [2][6] - **Q1 2025 Net Profit**: CNY 1.026 billion, up 46.62% YoY [2][6] Production and Sales - **2024 Gold Production**: 46.17 tons, up 10.51% YoY [3] - **Q1 2025 Gold Production**: 11.87 tons, up 7.98% YoY [2][6] - **2025 Target**: Gold production of no less than 50 tons [2][7] Strategic Initiatives - **Focus Areas**: Production optimization, resource acquisition, project construction, technological innovation, and lean management [2][3] - **Key Projects**: Jiao Jia Gold Mine, New City Mine, and Ghana Namdini project [2][7] - **Investment in R&D**: CNY 863 million in 2024, with 71 patents filed [5] Cost Management - **Cost per Gram**: CNY 293, up from CNY 230 YoY [4][23] - **Reasons for Cost Increase**: Deeper mining operations, targeted low-grade ore extraction, and rising operational costs [24][25] ESG and Governance - **ESG Commitment**: Integration of ESG principles into corporate strategy, with ongoing green mine construction and carbon peak action plans [4][12] - **Governance Improvements**: Enhanced information disclosure systems and independent director effectiveness [13][11] Market Outlook - **Gold Price Trends**: Significant increases in gold prices due to geopolitical factors, with expectations for continued long-term growth [9][21][22] - **Global Demand**: Increasing demand for gold, with central banks continuing to add to reserves [22] Investor Relations - **Engagement Activities**: Over 150 investor communication events since 2024, enhancing transparency and stakeholder engagement [14] Future Plans - **2025 Goals**: Focus on production capacity enhancement, resource acquisition, and project construction to achieve gold production targets [7][26][27] - **Long-term Strategy**: Emphasis on sustainable development and shareholder returns through effective management and operational excellence [10][28]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 關 於 控 股 子 公 司 山 金 國 際 全 資 子 公 司 之 間 調 劑 擔 保 額 度 暨 擔 保 進 展 的 公 告》，僅 供 參 閱。 山東黃金礦業股份有限公司 董事長 李 航 中 國 濟 南，2025年5月28日 承董事會命 於 本 公 告 日 期，本 公 司 執 行 董 事 為 ...

Core Viewpoint - Shandong Gold Mining Co., Ltd. announced the adjustment of guarantee limits among its subsidiaries to enhance financing efficiency and support business development, with a total expected guarantee limit of CNY 45.54 billion [2][4]. Group 1: Guarantee Adjustment Details - The company approved a guarantee limit of CNY 455,400.00 million, with CNY 199,400.00 million allocated for subsidiaries with a debt-to-asset ratio below 70% and CNY 256,000.00 million for those above 70% [2][4]. - The adjustment involves transferring a guarantee limit of CNY 200,000.00 million from Osino Gold Exploration and Mining (Pty) Ltd. to Osino Mining Investments Limited, which has a lower debt-to-asset ratio [4][5]. - The adjusted guarantee limit for Osino Mining Investments Limited increased from CNY 100,000.00 million to CNY 300,000.00 million, while the limit for Osino Gold Exploration and Mining (Pty) Ltd. became zero [5][6]. Group 2: Guarantee Progress - Recently, a new guarantee of CNY 21,562.80 million was added for Sino Gold Tenya (HK) Limited, which falls within the approved guarantee limit [5][7]. - The total guarantee amount provided by Shandong Gold's subsidiaries remains unchanged at CNY 455,400.00 million after the adjustment [5][6]. - As of the announcement date, the total external guarantee amount by Shandong Gold's subsidiaries is CNY 62,962.80 million, accounting for 4.85% of the latest audited net assets of Shandong Gold [7][8].